Michael Mayo's questions to State Street Corp (STT) leadership • Q1 2025
Question
Michael Mayo of Wells Fargo asked for a timeline on the permanent CFO search, how State Street would navigate a potential global trade war, and for the proportion of expenses that are variable over a one-to-two-year period.
Answer
CEO Ronald O'Hanley stated the CFO search is advanced and an announcement is expected in the 'near term.' Regarding geopolitical risk, he highlighted the company's use of scenario planning and accelerated expense management capabilities. On expenses, both O'Hanley and Interim CFO Mark Keating declined to give a specific percentage but emphasized their increasing ability to flex the cost base through ongoing transformation, automation, and technology investments.